John E. Deaton, a well-known XRP holders’ lawyer, has expressed optimism about the future of Bitcoin, agreeing with El Salvador’s cryptocurrency advisor, Max Keiser, that the price of the apex cryptocurrency could reach $220,000 based on present economic trends and crypto market dynamics.
Spot ETF Nod Timing To Create Perfect Storm For BTC — John Deaton
Pro-Ripple lawyer and founder of Crypto-Law.US, John Deaton, has forecasted that the timing of a spot Bitcoin exchange-traded fund (ETF) approval would come at a pivotal time for the cryptocurrency market.
Deaton stressed, “Although I believe a spot BTC ETF should’ve been approved long ago, the timing of its approval could create a perfect storm for Bitcoin.”
He cited the Federal Reserve’s rate cut decisions, Bitcoin’s incoming halving event, increased liquidity, and the potential green light from the U.S. SEC for spot ETFs as the specific near-to-medium-term catalysts for a mega rally, adding weight to Max Keiser’s prognosis of BTC hitting $220,000 per coin. Deaton posited:
“We all know no matter what happens, in the not too distant future (2nd-3rd Q), rate cuts and the printing of money will happen. Combine with rate cuts, increased liquidity, BTC’s halving, and 8-10 spot ETF approvals, and Max Keiser’s $220K might not be so crazy 18 months from now.”
Bitcoin’s halving refers to the mechanism by which the number of new Bitcoins minted in each block is slashed by 50% alongside a surge in demand. The halving ensures BTC remains a scarce and highly sought-after asset. The next halving event is scheduled for April 2024.
Wen $220,000 BTC?
Self-proclaimed Bitcoin maximalist Max Keiser remains optimistic about his prediction of Bitcoin skyrocketing to $220,000 in the foreseeable future. Most recently, he was convinced the benchmark crypto would increase in price drastically owing to the rapid growth of the United States debt and the geopolitical tensions between Israel and Palestine.
“People always ask me, when Bitcoin $220,000 and why? What’s happening in the Middle East & Eurasia will crash the global fiat money, central bank Ponzi scheme. So the timing is now. $220,000 is a short-term target. Bitcoin is immortal. You can’t stop it,” Keiser succinctly stated.
The coming months hold the promise of a massive Bitcoin bull run, but the path remains uncertain. The global tensions, anticipated spot crypto ETFs, rate cuts, and halving will be great for the crypto industry if market prognosticators are to be believed.